JobKeeper to continue for eligible businesses until March - Accounts NextGen

Job Keeper to Continue F or Eligible Businesses Until March

Accounts NextGen Accounting Company

Tax Accountant Melbourne The Australian Prime Minister Scott Morrison gave a lifeline to the small businesses by continuing the JobKeeper scheme for the eligible businesses until March 2021. Due to the COVID-19 crisis, this unemployment benefit scheme is extended for six months.

This critical decision came into existence two days before the Treasurer Josh Frydenberg delivered the federal budget. The job keepers can slate better with this extension until March 2021 to better support their business.

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What Changes You Will See in This Newly Extended JobKeeper Scheme?

• The second phase of this scheme will run until 28 March 2021.

• The scheme will be reframing and based upon the hours and has a two-tier payment system.

• The first and the higher payment is for those who work for 20 hours or more in a week. These people are eligible for the fortnight payment of $1200 until 3 January 2021. After that, the amount will be reduced to $1000.

• Those who work for less than 20 hours per week will receive the low tier pay scheme with a $750 till January 2021. After that, this will be reduced to $650.

• Further, the eligibility of the JobKeeper will be tested again in October and during early January 2021. This will be done according to the turnover of the business decline.

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